Former Senior Minister Teo Chee Hean is set to successor Lim Boon Heng as the new Chairman of Temasek Holdings, with a transition date marked for 9 October 2024. Teo, who draws from a storied career in public service, is keen to steer the investment company through an evolving global landscape.
A Promising New Leadership
Joining Temasek’s board as deputy chairman on 1 July 2024 before taking the helm as chairman, Teo expressed his eagerness to build upon the company’s achievements. He stated that in a time of global uncertainty, Temasek must focus on anticipating future trends while addressing present challenges.
“As a key Singapore institution with a global investment footprint, Temasek understands that its long-term success requires both addressing today’s risks and opportunities and anticipating tomorrow’s trends,” Teo remarked.
A Legacy of Leadership
Teo takes over from Lim Boon Heng, who has served as chairman since 2013. Under Lim’s guidance, Temasek’s net portfolio value has surged from S$223 billion in 2014 to S$389 billion in 2024, establishing a robust international presence.
- Lim’s tenure marked by:
- Significant portfolio growth
- Expansion into developed markets like Europe and the US
- Promotion of sustainability and corporate governance
Support from the Government
Prime Minister Lawrence Wong, also serving as Finance Minister, expressed confidence in Teo’s ability to uphold Temasek’s strong foundation while navigating complex global dynamics. Wong acknowledged Lim’s dedication, remarking, “Under his stewardship, Temasek has expanded its global presence and established itself as a leader in sustainable development.”
Board Renewals and Changes
The leadership transition comes with additional changes to Temasek’s board. Cheng Wai Keung and Stephen Lee will retire after 14 and 8 years of service respectively on 30 June 2024, while Bobby Chin will conclude his 11-year tenure on 31 July 2024. All three have significantly contributed to the firm’s investment strategies and governance practices.
As Temasek heads into its next chapter, Teo’s extensive experience in governance and security is anticipated to bring valuable insights to the organisation. This leadership change marks a critical point in Temasek’s journey, reflective of its evolution as a global investment powerhouse.